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Market Wrap: USD Inches Up After NFP Miss

Published 07/12/2020, 07:29
Updated 25/04/2018, 09:10

EUR/USD and GBP/USD came off 2-year highs in profit-taking moves after US November non-farm payrolls data missed expectations.

MARKETS

Stocks rose to record levels on Friday, notching another weekly advance, as traders shook off a disappointing U.S. jobs report. The Dow Jones closed 0.8% higher while the Nasdaq advanced 0.7%. Energy was the best-performing S&P 500 sector, gaining 5.4%.

European markets closed higher on Friday as investors monitored prospects of a U.S. stimulus package and a last-minute Brexit trade deal. Oil jumped to highest level since March after OPEC+ reached a supply compromise. Gold eased but posted its first weekly gain in four weeks. Euro bursts through resistance as dollar holds near 2-1/2 year low. Bitcoin managed to hold the $19k level.

WRAP

News

• Asia-Pacific markets trade mixed despite improved sentiment over Covid vaccine, U.S. stimulus hopes;

• Saudis raise Crude prices to Asia for first time in 4 Months after OPEC+ Deal: Saudi state producer Aramco (SE:2222) raised pricing for Arab Light crude for Asia by 80 cents a barrel to 30 cents above the benchmark from a 50 cent discount the previous month;

• Trump says Rudy Giuliani has tested positive for coronavirus;

• UK ministers warn Brexit trade talks are in a ‘very difficult place’. Last-push negotiations resume in Brussels, hampered by disagreements over keeping a ‘level playing field’;

• New US stimulus bill could come as early as Monday: Lawmakers push for deal on coronavirus aid as economy risks dip from surge in cases;

• Covid-19 deaths could nearly double in U.S. by April despite rollout of vaccines, report warns. San Francisco Bay Area sets stay-at-home order;

• JD.com becomes first online platform to accept China’s digital yuan;

• Airbnb boosts IPO price range to between $56 and $60 a share: New price range for home-rental company’s public debut equates to $39 billion to $42 billion, fully diluted;

• Bill Foley-backed Spac nears $9bn deal to buy Paysafe: Blackstone (NYSE:BX) and CVC set to triple their investment three years after buying out UK fintech group;

• AMC aims to raise up to $844 million to stave off default until a vaccine is widely distributed;

• Gold ETFs saw their largest outflow ever over the past 3 weeks;

• There has bee a record $25 billion into Emerging Markets stocks in the past 4 weeks.

What Else?

• Senior Saudi royal launches tirade against Israel. Comments come after kingdom was embarrassed by leaks of secret meeting between crown prince and Netanyahu;

• Top U.S. Health Official says Pfizer (NYSE:PFE) vaccine could get green light within days;

• Covid vaccines will be available for private purchase in India. Manufacturer says shot will be for sale for $8, raising likelihood of secondary market;

• Poland’s EU budget veto stokes talk of ‘Polexit’. Support for bloc membership remains strong, but rule of law stand-off heightens tension;

• Absolute return funds are on course for worst ever annual outflows. Investors have pulled money from the all-weather funds after they disappointed during the coronavirus sell-off;

• Bitcoin will go 'substantially higher' over the next 20 years as adoption of digital currencies increases globally, says billionaire Paul Tudor Jones.

QUOTE

“Have no fear of perfection. You’ll never reach it.” – Salvador Dali.

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